New Delhi, July 31 -- Indian Oil Corporation (IOC) on Friday reported a 26 per cent year-on-year increase in revenue from operations to Rs 2.75 lakh crore in the first quarter of FY27, even as the state-owned fuel retailer posted a standalone net loss of Rs 2,661.37 crore due to pressure from holding fuel prices amid rising costs.
The company had reported a standalone profit of Rs 5,688.60 crore in the April-June quarter of the previous fiscal and earnings of Rs 11,377.51 crore in the January-March quarter.
IOC Chairman A S Sahney said efficiency gains, improved refinery margins and strong operational performance helped the company contain losses arising from maintaining petrol, diesel and LPG prices despite a surge in global crude prices following the West Asia conflict.
IOC achieved its highest-ever first-quarter crude throughput of 19.165 million tonnes and recorded its lowest-ever quarterly fuel and loss at 8.04 per cent, compared with 8.5 per cent earlier. The company also reported record quarterly sales of petrol at 4.5 million tonnes and diesel at 10.866 million tonnes, while natural gas sales volume increased 11 per cent.
Sahney said crude supplies remained stable despite disruptions from the West Asia conflict, with IOC sourcing from alternative markets including West Africa, South America, Brazil and Venezuela. Russian crude accounted for around 48 per cent of IOC's refinery feedstock. For LPG supplies, the company diversified sourcing by procuring products from countries such as Algeria and Azerbaijan to address disruptions.
Published by HT Digital Content Services with permission from Millennium Post.